《Table 1 The unit root test on the soybean returns》

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《Analysis of Volatility Spillover Effect of Soybean Price between Domestic and International Markets》

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Note:C in the test form indicates that the estimation equation includes the intercept term，indicates the lag order selected according to the SIC indicator；***indicates that it is statistically significant at the 1%level；LM（1），LM（4）represent the chi-s

To ensure the validity of the estimation results of VAR-BEKK model，we need to test the stability of different variables included in the model analysis and ARCH effects.The results are shown in Table 1.The ADF method is used to conduct the unit root test on the return series in three markets of soybeans，and the results show that all variables are stationary.The ARCH effect test of lag order 1 and 4 shows that there is ARCH effect in the gains of the domestic and international soybean markets.Therefore，the VAR-BEKK model can be used to model and conduct the volatility spillover effect analysis.